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Egypt Eyes $20B In Deals, $40B For New Capital At Investment Summit

Egypt Eyes $20B In Deals, $40B For New Capital At Investment Summit

Egypt’s Investment Minister, Ashraf Salman, told Reuters on Friday that the North African country expects to sign deals worth between $15-$20 billion at a weekend investment summit in the capital Cairo, as the nation tries to shake off an image of instability in the wake of a post Arab Spring turmoil.

The country is looking to revive investor confidence after four years of political and economic upheavals following the Arab spring of 2011 that dislodged several leaders in Northern Africa including the then Egypt’s Prime Minister Hosni Mubarak.

“I’m expecting here to see $15-$20 billion in agreements signed,” Salman told Reuters, adding the deals would cover power plants, real estate and agricultural projects.

Salman said he also expected several memorandum of understanding to be signed at the conference, including one for the construction of a new administrative capital with a price-tag of about $40 billion.